Electrical Steel Market to Reach Valuation of USD 50.09 billion by 203, With CAGR of 5.6% | Rising Demand for Electrical Motors to Facilitate Market Expansion

The global electrical steel market size was valued at USD 30.70 billion in 2023 and is projected to grow from USD 32.19 billion in 2024 to USD 50.09 billion by 2032, exhibiting a CAGR of 5.6% during the forecast period. Asia Pacific dominated the electrical steel market with a market share of 48.31% in 2023.

This steel is a specialized type of steel used to provide high permeability, low core loss, and magnetic properties to a product. Technological advancements in the electrical sector and rising product demand in automotive sector will facilitate market expansion in the forecast period. This information is provided by Fortune Business Insights, in its report titled, "Electrical Steel Market Size, Share, Report Growth, 2024-2032."

𝑮𝒆𝒕 𝒂 𝑭𝒓𝒆𝒆 𝑺𝒂𝒎𝒑𝒍𝒆 𝑹𝒆𝒔𝒆𝒂𝒓𝒄𝒉 𝑹𝒆𝒑𝒐𝒓𝒕 - https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/electrical-steel-market-100827

Competitive Landscape:

Research and Development Activities by Market Players to Facilitate Market Proliferation

Industry leaders often make strategic decisions to maximize profits and strengthen their positioning in the business sphere. Leading companies in this sector are focusing on research and development activities to maximize productivity. For instance, in May 2021, JFE Steel Corporation signed a memorandum to conduct a feasibility study with JSW Steel Limited to establish a grain oriented electrical steel sheet manufacturing & sales joint-venture company in India. The company aims to complete the study in 2021.

Key Industry Development:

September 2021: NLMK has commissioned a new grain-oriented electrical steel laser treatment unit with a capacity of 54,000 tons per year. The purpose of the increase in production capacity is to attract new customers to maximize revenue.

List of Key Players Mentioned in the Report:

Benxi Steel Group Co., Ltd (China)
CSC Steel Sdn. Bhd. (Malaysia)
Tata Steel (India)
Nucor Corporation (U.S.)
NLMK (Russia)
ArcelorMittal S.A. (Luxembourg)
Shougang Group (China)
thyssenkrupp Steel (Germany)
Baosteel Group Corporation (China)
POSCO (South Korea)
NIPPON STEEL CORPORATION (Japan)
Voestalpine Group (Austria)
Yieh Corporation (Taiwan)
Aperam S.A. (Luxembourg)
Arnold Magnetic Technologies (U.S.)
Segments:

Non-grain Oriented Segment to Hold Major Share Due to Rising Use in Manufacturing Sector

Based on type, the market is bifurcated into non-grain oriented and grain oriented. Among these, the non-grain-oriented segment captured the largest market share due to its increasing use in manufacturing electrical equipment, adoption as core material for household appliances, and EV traction motors.

Transformer Segment to Lead Stoked by High Demand from Energy Consumption Application

Based on application, the market is fragmented into transformer, motors, inductors, and others. The transformers segment accounted for the largest share of the market in 2022 and is projected to record the highest growth rate during the forecast period. Electrical steel is an important material in the production of energy-efficient transformers and large, high-performance generators. They are used in the form of lamination and are an ideal core material in power transformers, distribution transformers, and small transformers. The growing adoption of transformers due to high energy consumption is driving the segment growth.

Geographically, the market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Report Coverage:

The report provides deep-dive insights into drivers, restraints, opportunities, and threats shaping market trends in the forthcoming years. Statistical data pertaining to market share, growth rate, sales, valuation, and profit margins is provided as well. Moreover, the report discusses the impact of COVID-19 on the global market to enable industry stakeholders to make informed decisions.

𝑮𝒆𝒕 𝒂 𝑸𝒖𝒐𝒕𝒆 - https://www.fortunebusinessinsights.com/enquiry/get-a-quote/electrical-steel-market-100827

Drivers and Restraints:

Rising Demand for Electrical Motors to Facilitate Market Expansion

The surging demand for electrical motors from residential, commercial, and industrial sectors is a key factor driving the electrical steel market growth. This steel is needed to manufacture motors owing to its torque, electromagnetic characteristics, and magnetic flux. The rising usage of electrical motors in water pumps, drilling, industrial equipment, hard disc drives, and machinery will also contribute to market proliferation in the coming years. Also, technological and infrastructure developments and rapid industrialization will aid market elevation.

On the other hand, fluctuating prices of iron ore, ferroalloys, and other raw materials and high manufacturing costs will act as challenges for businesses operating in this domain.

Regional Insights:

Asia Pacific to Dominate Due to Growing Demand for Electrical Steel Products

Asia Pacific held majority of the electrical steel market share in 2022. The growing manufacturing sector in the region especially in China, India, and South Korea has boosted the product demand, thus driving market growth in this region. The surging demand for machinery, transformers, magnetic devices, and energy power grids will further facilitate market proliferation in the region.

North America is expected to record substantial growth in the forthcoming years stoked by technological developments and easy availability of raw materials. Moreover, expansion of end-use industries such as machinery and automotive where the product is used in power generators and transformers will further drive market augmentation.

The Latin America market is anticipated to expand significantly stoked by presence of major manufacturing facilities, owing to easy availability of land, labor, and raw materials in the region. Rising applications of the product in automotive and manufacturing sectors will aid market growth in the region.

𝑹𝒆𝒂𝒅 𝑴𝒐𝒓𝒆 𝑰𝒏𝒇𝒐𝒓𝒎𝒂𝒕𝒊𝒐𝒏 - https://www.fortunebusinessinsights.com/industry-reports/electrical-steel-market-100827

Detailed Table of Content Research Report, 2024-2032
1 Market Overview

2 Market Upstream and Downstream Analysis

3 Players Profiles

5 Global Sales, Revenue, Price Trend by Type

6 Global Market Analysis by Application

7 Global Market Sales and Revenue Region Wise (2017-2022)

8 Global Market Forecast (2024-2032)

9 Industry Outlook

10 Research Findings and Conclusion

11 Appendix

Continued…

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This release was published on openPR.